Public-Private Investment Program

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Program Purpose and Overview

On March 23, 2009, Treasury announced the Legacy Securities Public-Private Investment Program (PPIP), which was designed to support market functioning and facilitate price discovery in the markets for legacy Commercial Mortgage-Backed Securities (CMBS) and non-agency Residential Mortgage-Backed Securities (RMBS).

On September 30, 2014, Treasury received a final $1.8 million distribution from PPIP. Treasury has fully recovered its original investment of $18.6 billion in PPIP, plus a net positive return of more than $3.9 billion through interest, and proceeds in excess of original equity capital, including warrant proceeds.

PPIFs no longer can deploy capital and make new investments as of December 2012 although they may continue to manage these investments for up to five additional years. ​